Marsh Ousts
Chief Executive;
Investors Cheer

By

Liam Pleven and

Joann S. Lublin

Updated Dec. 22, 2007 12:01 a.m. ET

Three years ago, Michael Cherkasky was seen as the savior of Marsh & McLennan Cos. The former prosecutor, who had no background in insurance, took over as chief executive and navigated the company through a thicket of government investigations.

Friday, the board of the New York-based firm, whose stock has been badly bruised, publicly stated what investors have been saying for some time: It needs a new CEO.